Best Buy Shares Rise on Upbeat Quarterly Sales Outlook
Best Buy expects second-quarter sales to exceed Wall Street estimates as demand for smartphones and gaming consoles remains steady. The retailer reported first-quarter earnings of $1.28 per share, beating analyst expectations while announcing that veteran Jason Bonfig will succeed CEO Corie Barry in October.
BEST BUY CO INC shares rose nearly 10% in early morning trading after the retailer forecast second-quarter sales above analyst estimates. Comparable sales rose 2% in the first quarter, exceeding the 1% growth projected by LSEG data. Resilient demand for gaming consoles and AI-enabled hardware is offsetting consumer caution regarding high fuel costs in the United States.
The retailer reported first-quarter earnings of $1.28 per share, surpassing the $1.23 per share anticipated by analysts. Growth in advertising and marketplace channels supported the results as Best Buy transitions toward higher-margin services.
